The capital markets arm of asset manager Guggenheim Partners has received a licence from Dubai Financial Service Authority in the run up to its opening of an office in Dubai.
Guggenheim said in a statement it plans to expand its current capacity to serve institutional and high net worth clients beyond North America with a focus on raising capital in the Middle East and North African regions.
Guggenheim Capital Markets trades a wide range of structured fixed-income products, raising debt and private equity for middle market companies and raising capital for private equity funds and hedge funds.
Trading off the Guggenheim family name, the company said it caters to an elite mix of individuals, family offices, endowments and foundations with $125 billion of assets. The Guggenheim family originally made its money from mining and smelting in the early twentieth century in the US.
The investment arm is the latest arrival in a growing international presence in the hub of Middle East finance. The Carlyle Group’s opening in the city at the end of last year has indicated the growing interest in the region internationally.
Accountant KPMG and the Gulf Venture Capital Association’s report on the region estimated $9.6 billion (€7.1 billion) of funds were raised last year, up from $5.7 billion in 2005. Local buyout firm Abraaj Capital has a planned $2 billion infrastructure fund and The Carlyle Group is raising a fund believed to be around $1.8 billion.